High Tide Inc. (NASDAQ:HITI) Shares Shorted: Short Interest Up 78.2% in September

Key Points

• High Tide’s short interest surged 78.2% to 1.33 million shares as of September 15, representing about 1.7% of shares outstanding and 1.4 days of average trading volume.
• Analyst sentiment remains mixed but leans positive: three analysts rate the stock Buy and one rates it Sell, resulting in a “Moderate Buy” consensus and an average price target of $5.62.
• High Tide exceeded quarterly expectations, reporting $0.09 in earnings per share versus a $0.01 estimate and revenue of $141.74 million versus $138.97 million expected; the stock recently traded at $2.80.

High Tide Inc. (NASDAQ:HITI - Get Free Report) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totaling 1,326,387 shares, an increase of 78.2% from the August 31st total of 744,306 shares. Based on an average daily trading volume, of 920,194 shares, the short-interest ratio is presently 1.4 days. Approximately 1.7% of the company's shares are sold short.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. D. Boral Capital started coverage on shares of High Tide in a report on Wednesday, July 22nd. They set a "buy" rating and a $4.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of High Tide in a research report on Friday, July 17th. Finally, Wall Street Zen downgraded shares of High Tide from a "buy" rating to a "hold" rating in a report on Sunday. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, High Tide presently has an average rating of "Moderate Buy" and an average price target of $5.62.

High Tide Stock Down 0.4%

Shares of NASDAQ:HITI traded down $0.01 during trading on Tuesday, reaching $2.80. 574,613 shares of the company traded hands, compared to its average volume of 546,315. The firm has a market cap of $249.59 million, a P/E ratio of -12.17 and a beta of 0.62. High Tide has a 1-year low of $2.02 and a 1-year high of $3.80. The company has a quick ratio of 0.81, a current ratio of 1.50 and a debt-to-equity ratio of 0.82. The firm has a fifty day simple moving average of $2.44 and a 200 day simple moving average of $2.38.

High Tide (NASDAQ:HITI - Get Free Report) last issued its earnings results on Monday, September 14th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.08. The company had revenue of $141.74 million for the quarter, compared to analyst estimates of $138.97 million. High Tide had a positive return on equity of 5.13% and a negative net margin of 4.73%. Analysts anticipate that High Tide will post 0.09 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of HITI. Friday Financial acquired a new position in High Tide during the second quarter worth $29,000. Spark Investment Management LLC bought a new stake in shares of High Tide during the 4th quarter worth about $43,000. AXQ Capital LP acquired a new position in shares of High Tide during the 2nd quarter valued at about $86,000. State of Wyoming bought a new position in shares of High Tide in the 1st quarter valued at approximately $387,000. Finally, Renaissance Technologies LLC lifted its holdings in High Tide by 13.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,067,632 shares of the company's stock worth $2,445,000 after purchasing an additional 122,569 shares during the last quarter. Institutional investors own 4.52% of the company's stock.

About High Tide

High Tide Inc is a Canadian cannabis company focused on the retail and sale of cannabis products and consumption accessories. Its retail operations are conducted primarily under the Canna Cabana brand, while its digital platforms support online shopping, customer engagement and loyalty programs.

The company offers a range of products, including dried cannabis, pre-rolls, cannabis oils, edibles, beverages and other cannabis formats, subject to applicable regulations. Through related brands and platforms, High Tide also sells smoking accessories and other products designed for cannabis consumers.

Founded in 2009, High Tide is headquartered in Calgary, Alberta, and serves Canadian consumers through its retail network and e-commerce operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.